Sri Lanka Consolidated Acts

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Housing Developers (Special Provisions) Law (No. 49 of 1973) - Sect 2

Exemption from income tax of profits and income arising from sale of certain houses

2. Subject as hereinafter provided, where any person for the first time sells any house the construction of which was commenced by such person after the date of commencement of this Law and before the thirty-first day of December, 1976,-
(a) the profits and income arising from such sale shall be exempt from income tax if the floor area of such house does not exceed five hundred square feet and the price at which it was sold does not exceed ten thousand rupees; and
(b) fifty per centum of the profits and income arising from such sale shall be exempt from income tax-
(i) if the floor area of such house does not exceed five hundred square feet and the price at which it was sold exceeds ten thousand rupees, or
(ii) if the floor area of such house exceeds five hundred square feet but does not exceed one thousand square feet.

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